Spin Master to acquire Hexbug a robotic tech firm By CIOTechOutlook Team

Spin Master to acquire Hexbug a robotic tech firm

CIOTechOutlook Team | Wednesday, 11 January 2023, 03:49 IST

Spin Master Corp, a leading global children's entertainment company,announced it has reached an agreement to acquire the HEXBUG brand of toys from award-winning toy company, Innovation First International, Inc.

HEXBUG toys, which first appeared on the market in 2007, use robotic technology with inventive movement that is inspired by nature to provide children with a whimsical and imaginative play experience. Products by HEXBUG appeal to children's natural fascination with remote controls and swiftly moving critters that display interesting lifelike behaviour. HEXBUG goods encourage children's imagination to fuel hours of imaginative play by offering over 100 distinct toys, ranging from battle robots to buildable playsets.

"What excites us so much about HEXBUG is that the inventors have mastered both the science and the art of bringing creatures to life through technology, to deliver truly magical play experiences," said Anton Rabie, Spin Master's Co-Founder. "With this acquisition, Spin Master will combine it's innovation, global reach and diverse portfolio with HEXBUG's innovative excellence to surprise and inspire kids in new ways."

"At Spin Master we are focused on reimagining everyday play and are always looking for opportunities to strengthen our innovative portfolio through meaningful acquisitions," said Max Rangel, Spin Master's Global President & CEO. "HEXBUG is an evergreen brand with a strong foothold within a niche category, opening an opportunity for Spin Master to own and ultimately grow the popular robotic range's reach through our expanded global footprint while also leveraging this technology across our broader toy offering."

"Spin Master is the business that can really take our years of foundational tech toy innovation to the next level and gain an even greater awareness for the brand here at home and around the world," said Tony Norman, CEO at Innovation First International, Inc.

The acquisition of HEXBUG by Spin Master, which is anticipated to occur in February 2023, will be the company's 28th since its founding in 1994 and its 18th since its initial public offering in 2015.